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Top hedge funds post robust gains on euro ‘short’ wager

Several multibillion-dollar hedge funds, deploying global macro and trend-following trading strategies, are understood to have posted significant gains this year, partially due to their correct bet against the euro.

Bridgewater Associates’ Pure Alpha fund gained 7% for the first two months of 2015, its strongest start in years, helped by its shorting of the euro, The Wall Street Journal gathers.

The flagship vehicle of the $27bn Brevan Howard Asset Management is up 2.7% for the year to date, sources said, adding that the $8.5bn Caxton Associates was up by about 7% in its main fund through Tuesday. Meanwhile, Louis Bacon’s $14.8bn Moore Capital Management was up 4.4% through February in its flagship fund, while the $13bn Tudor Investment Corp. was up 4.8% in its flagship fund through March 6, investors said.

The $8.6bn BlueTrend fund, run by Leda Braga, was up 9.1% through March 12, while Man Group’s $14.4bn AHL Diversified fund was up 6.3% through February. Other notable winners from the euro’s plunge against the dollar include D.E. Shaw’s multistrategy Oculus fund, which gained over 9% through February, sources said. The $9bn Eton Park Capital Management was up 4.8% through February, it has emerged.